"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Saturday, December 01, 2007

How the Watchdogs weren't watching Northern Wreck

Prem Sikka's penetrating analysis of the "Toothless Watchdogs", that haven't barked in the sub prime crisis (Comment is Free and excellent reading ) .....this pithy comment by Whitt says it all

Comment No. 958271 November 29 18:38

"Markets are inherently risky, and no amount of regulation will stop that, unless you remove the prospect of a return on investment, and so defeat the purpose of investment." - Xiangfa*The problem is not that markets are risky. The problem is that the agencies responsible for assessing risks and rating them were telling people that sow's ears were silk purses. It's pretty much the same as meat inspectors coming across three-day-old road kill and then stamping it "Grade A Prime". You can in fact regulate against that.


George Dutton said...

A thoughtful and well written article I came across...

"Trumpeting a credit crisis when larceny is the culprit"


"It isn’t a credit crisis we are living through, but a two-decade larceny crisis. Instead of authoring “The Age of Turbulence,” Alan Greenspan should have opted for his very own confession, calling it “The Age of Larceny.”"...


George Dutton said...

"Blue Dog Democrats: Conservative, Or Just Plain Corrupt?"

"The Blue Dogs say they oppose Miller’s initiative out of concern for the integrity of the 2005 Bankruptcy Bill-a telling justification. Under that odious law, millionaires can shield their mansions from creditors, and corporate executives (think: Enron guys) can prevent ripped-off shareholders and employees from seizing their holdings. Harvard’s Elizabeth Warren notes that the law also “permits people with vacation homes and investment property to rework their mortgages in bankruptcy.”

"But regular homeowners? Sorry-without Miller’s legislation, judges are barred from defending you against the vultures"...


George Dutton said...

"Iran may need nuclear power: study"

"Tuesday, December 26, 2006; 10:48 AM"

"WASHINGTON (Reuters) - Iran's claim to need nuclear power may be genuine, given that it could run out of oil to export as soon as eight years from now, according to an analysis published on Tuesday by the National Academy of Sciences"...


"Iran actually is short of oil"

"BALTIMORE: Iran has ensnared itself in a petroleum crisis that could drive its oil exports to zero by 2015. While Iran has the third- largest oil reserves in the world, its exports may be shrinking by 10 to 12 percent per year. How can this be happening?"...


(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish